In an age of computerization and analytics, it’s not surprising that there are questions about which of the following statements about big data is true? The three main Big Data statements that I am going to discuss are:
“Big data can explain anything.” This is not true. Data science does not work in this way. Data can only tell you what happened, how much changed, or why something occurred. It cannot tell you what will happen in the future. There are many applications in which data science can help provide insight into a problem, but it is not the be all and end all of data science.
“We already know a lot about what the behavior of humans is like based on their habits and actions.” This is also not true. Science has not always been able to mimic the complex behaviors of humans; however, with the use of sophisticated tools and techniques, we are getting closer. However, when it comes to predicting behaviors from data, no theory is perfect. As with any theory, it is bound to get a revision over time as new data is uncovered.
“It is hard to make money using big data.” This is also not true. First, most businesses use data to improve productivity. Second, companies do make money by selling their products and services to customers. Third, in some industries, using big data has actually increased profits. As such, while it may not be easy to profit with big data, it is easier than ever to do so when you have the right data science tools.
“Big data will always be around.” This is also not true. There are many aspects of big data that were established long before Facebook, Google, and Twitter existed. While there is certainly an ongoing debate about the impact of social media on consumer behavior, many businesses have utilized this platform to great effect. In fact, many industries are already seeing significant benefits due to the ease of collecting data, analyses it, and then utilizing it for improved decision making.
“Big data does not work.” This is not true. While it was easy for computer geeks to create the concept of big data back when the internet was young, it’s become much more manageable because of massive advances in storage, computing power, and internet connectivity. Today, many applications run on large scale databases that are very powerful, reliable, and fast. While it once required thousands of employees to analyze data or hire independent agencies for such tasks, today data is available to anyone who has an internet connection.
“There is no concrete evidence that big data is leading to improved decision making.” Although this is still largely believed by most people in the business community, this is not technically true. Most analysts agree that although the results of some studies remain questionable, overall the proof is now in the pudding. For the most part, it is a statement that is more often than not completely false and often made up to make the point that big data is not as important as it is being made out to be.
The truth is, which of the following statements about big data is true? It depends. If you want to find out more about how big data and advanced analytics can help your business, contact a data visualization consultant today. With their help, you can explore all of the benefits that come from the powerful data visualization tool.
“Big data is here to stay.” This statement is partially true. However, data visualization experts agree that the explosion of the amount of information being accumulated by businesses is here to stay, and it is here to improve the way you conduct business.
“The best companies employ data analytics.” Again, this is partly true. However, companies do not have to employ the use of big data to collect this information. Even if they choose to do so, they may not be able to collect it in a manner that would meet their standards. A data visualization consultant can help you better understand how to collect the information that you need in a manner that meets your company’s privacy policies.
“No one knows anything.” Although experts have an understanding of how big data can impact marketing, they do not all agree that it will have a significant impact on the way companies conduct business. There is much room for improvement in the ways that companies collect and analyze consumer data, especially given the potential for abuse. However, experts are quick to caution against assuming that nothing is known. Even though no one knows what the future holds, you can ensure that your company stays ahead of the curve by using big data analytics.